Ann: Quarterly Report and Appendix 4C, page-4

These guys have now signed 17 paid agencies to the platform. This has increased from 13 as at end of March as per investor presso. So 4 x paid agency acquisitions over 3 months (including the 1st Victorian agency).

Early green shoots here I believe, albeit at a much slower pace than is needed. By my calls, they'll need to get to 100+ agencies to get to cash flow break even (in my view their pricing / revenue model needs work).

However, if the tech continues to gain traction & adoption in the industry (as appears to be the case, albeit very slowly), there could be every chance of cracking 100+ agencies over the next 6-12 months if they get their skates on with the sales manager hire / more aggressive commercial push etc. They'll definitely need to raise cash again tho imo.

I'll start to get excited when they cross the 50+ paid agent mile stone (with 20+ of these in the eastern states), as in my opinion, this will be the tipping point- If it does what it says on the box and genuinely adds value / efficiency and savings in the tight margin world of resi rentals, it could genuinely be bullet proof.

And, IF they can crack a short term rental platform with a specific product offering (like air b and b), this thing could shoot the lights out.... But that's a big IF.

For me, at a circa 3mill MC, its an awesome risk / reward play with more than a decent chance of a 10x if they can get to break even (would be worth at least a MC of 30 odd mill imo, perhaps 300mill if they crack a stayz / air b and b), but at this end of town, could just as easily be worth zero (although one could also make the case that a clean shell with this many tax losses would be worth at least current MC, even if it all turned to crap)...

It will remain in the bottom drawer for me. Good luck if your holding.

All in my opinion only. DYOR,

Cheers,
Powerage